Net Operating Income (NOI) Calculator

Net operating income is a property's income after vacancy and operating expenses, before financing. It drives cap rate and valuation.

Your details

Gross annual income$Total rent and other income at full occupancy.Vacancy rate%Operating expenses$Taxes, insurance, maintenance, management — not mortgage.

Net operating income

$37,000.00

Effective gross income: $57,000.00
Vacancy loss: $3,000.00

NOI vs expenses

Net operating income: $37,000.0062%
Operating expenses: $20,000.0033%
Vacancy loss: $3,000.005%

Net operating income$37,000.00

Formula

NOI = gross income − vacancy loss − operating expenses. Mortgage payments are excluded by definition.

Sources & methodology

•U.S. SEC — investing basics — SEC

Last updated: 2026-07-20

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Evaluating a Rental PropertyCap rate, cash-on-cash, NOI, and GRM each answer a different question. The metrics that separate a deal from a dud.

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